Compliance report deadline looms
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has called on the industry to remember to submit anti-money laundering and counter-terrorism financing (AML/CTF) reports by the March 31 deadline.
All reporting entities are required to submit a compliance report, which AUSTRAC, Australia’s AML/CTF regulator, will use to evaluate their progress in implementing the AML/CTF obligations that have been in place since December 12, last year.
“Submitted compliance reports will demonstrate to AUSTRAC that an entity is identifying and mitigating the risks that their business may be used for money laundering or terrorism financing,” said AUSTRAC chief executive Neil Jensen.
“AUSTRAC will also be looking to ensure these reporting entities have allocated adequate resources and have unlimited controls, reporting lines, communication protocols and processes for review.”
All reporting entities, which include banks and other financial institutions, are required to implement an AML/CTF program and submit a compliance report in accordance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and businesses may face civil penalties for non-compliance.
AUSTRAC encourages businesses to submit their reports via its website, www.austrac.gov.au.
The agency has developed a range of guidance materials to help businesses meet their obligations under the AML/CTF Act. These can also be accessed on the website.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
